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2/14/13 LES <br />SUCCESSOR AGENCY RESOLUTION NO. 2013-002 <br />A RESOLUTION OF THE CITY COUNCIL ACTING AS SUCCESSOR <br />AGENCY OF THE SUCCESSOR AGENCY TO THE FORMER <br />COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA <br />ANA ESTABLISHING A SCHEDULE TO REPAY THE LOW AND <br />MODERATE INCOME HOUSING FUND FOR FUNDS ADVANCED FOR <br />EDUCATIONAL REVENUE AUGMENTATION FUND PAYMENT AND <br />SUPPLEMENTAL EDUCATIONAL REVENUE AUGMENTATION FUND <br />PAYMENT PURSUANT TO PART 1.85 OF DIVISION 24 OF THE <br />CALIFORNIA HEALTH AND SAFETY CODE ("DISSOLUTION ACT") <br />BE IT RESOLVED BY THE MEMBERS OF THE SUCCESSOR AGENCY, AS FOLLOWS: <br />Section 1. The City Council of Santa Ana, acting as Successor Agency, conclusively <br />finds, determines and declares as follows: <br />A. Pursuant to the Dissolution Act, on January 9, 2012, pursuant to section <br />34173 of the California Health & Safety Code, the City of Santa Ana ("City") elected to <br />serve as the Successor Agency for the dissolved Community Redevelopment Agency <br />("Agency") of the City of Santa Ana and selected the Housing Authority of the City of <br />Santa Ana to act as "Successor Housing Agency'. <br />B. The City Council serves as the governing body of the Successor Agency <br />under the Dissolution Act to administer the enforceable obligations of the Agency and <br />otherwise unwind the Agency's affairs. Many actions of the Successor Agency are <br />subject to the review and approval of a seven member Oversight Board of the Successor <br />Agency to the former Community Redevelopment Agency of the City of Santa Ana <br />("Oversight Board"). <br />C. The Oversight Board has been established to direct the Successor Agency <br />to take certain actions to wind down the affairs of the former Agency in accordance with <br />the California Health & Safety Code. <br />D. As permitted by law, the former Agency borrowed funds from its Low and <br />Moderate Income Housing Fund ("LMIHF") in order to make its Educational Revenue <br />Augmentation Fund ("ERAF") payment to the State in May 2006. Funds in the amount of <br />$3,330,894.37 were borrowed from the LMIHF and required to be repaid in ten (10) <br />years. <br />E. Funds were borrowed from the LMIHF pursuant to California Health & <br />Safety Code sections 33690 and 33690.5 in order for the former Agency to make its <br />Supplemental Educational Revenue Augmentation Fund ("SERAF") payment to the State <br />in May 2010. Funds borrowed in the amount of $3,679,546 from the LMIHF were <br />required to be repaid in five (5) years. Other funds were borrowed from a separate <br />Agency fund in order to pay the balance to the State. <br />Resolution No. 2013-002 <br />Page 1 of 3